lesson learned

From: SMabel555@aol.com
Subject: lesson learned
Date: Mon, 8 Feb 1999 20:21:23 EST

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Here's a lesson for everyone:

A friend (really, not me!) wanted in on a recent technology IPO.  He's got a
few grand he trades on Etrade, and had been frustrated watching tech stocks
all hit $300.

He reads about Pacific Internet.  "Looks like a solid company", he thinks,
"and the IPO should take off".

How right he was.  The night before the offering, he put in a bid on Etrade to
buy 100 shares.  His mistake?  He placed a market order.  By the time he could
check his account- at 10 am, the stock had opened and run to $80 before his
order was processed.   It hit $85, then immediately plummeted before he sold
around $40, for a $4000 loss in a couple of days.

Lesson:  In fast moving markets, always place a limit order!

(Really, this wasn't me!  I just got to watch and learn what not to do)



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